XRP price surges as whale wallet holdings reach 2023 high

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XRP price surges as whale wallet holdings reach 2023 high
XRP price surges as whale wallet holdings reach 2023 high

native cryptocurrency Ripple Ripple continues its strong upward momentum as XRP price rose 10% in the past 24 hours to approach $0.70.

XRP whales continue to accumulate

Online data shows that as whale wallets continue to accumulate, investors’ confidence in XRP has increased sharply.

Furthermore, XRP price has not increased since August 2, as recently as $0.68, according to data from crypto analytics platform Santiment.

XRP has gained 23% against BTC over the past week, reaching a three-month high. Additionally, wallets containing 100K ~ 1B XRP have now peaked in 2023.

XRP whale accumulation

Currently, XRP holds key price levels, indicating a bullish pattern that could guide its future value. A closer inspection of the chart shows the strength of XRP, as it is currently trading above the 50-day and 200-day exponential moving averages (EMA), which is a classic bullish sign.

There may be a bullish crossover on these EMAs, indicating continued bullish momentum. This technical setup, coupled with the RSI comfortably above 50, suggests buyers are in control, setting a solid foundation for potential upside.

Ripple USD

Ripple’s case with the SEC grows more optimistic

Confidence in a favorable outcome for Ripple in the ongoing SEC-Ripple lawsuit fueled investor enthusiasm on Sunday.

While there haven’t been any recent updates on the case that have affected investor sentiment, Jeremy Hogan, attorney and partner at Hogan & Hogan, shared his thoughts on the SEC v. Ripple case.

Hogan specifically mentioned the fork issue as the U.S. Securities and Exchange Commission (SEC) imposed a hefty $770 million fine for illegal sales of XRP to institutional investors.

Hogan pointed out that the law gives the SEC the power to demand division, interest and penalties, and the division issue stems from a court ruling that the sale of approximately $770 million in XRP to institutional investors was illegal.

“In short, $770 million won’t be $770 million, it will be something much less,” Hogan said.

Additionally, Attorney Hogan commented on separation, adding: “First, SEC v. Liu (2020) essentially stated that separation is an equitable remedy, which means it must be fair.

In this case, equity means infringing on net profit, not gross profit. Ripple will therefore deduct business expenses from the total amount. “

He added that, as reiterated in the 2nd DCA, the distribution amount must be given to individuals or entities who have suffered financial losses in their investments, which treats them as victims.

Therefore, if an XRP buyer purchased the cryptocurrency at $0.30 and the price later increased to $0.60, they would not qualify as a victim and therefore are not guaranteed to have any consequences.

General Bitcoin News.

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